CA Ashwini Seeram
(CA)
(195 Points)
Replied 29 May 2019
Interest cannot be avoided. If you have utilized the credit, interest at the rate not exceeding 24% p.a will be applicable
CA Altamush Zafar
(GST Consultant)
(15961 Points)
Replied 29 May 2019
Nandini H Gupta
(Chartered Accountant )
(369 Points)
Replied 29 May 2019
If the amount is huge the same can be disputed, positive case law in earlier period" CCE & C Vs Precot Meridian Ltd 2015 (325) E.L.T. 234 (S.C.) in this decision also it is held that reversal of Cenvat/Modvat credit amounts to non-taking of credit."
+GST Council in its 31st meeting held " Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e., interest would be leviable only on the amount payable through the electronic cash ledger”, this is still on papers till now..
CA Altamush Zafar
(GST Consultant)
(15961 Points)
Replied 29 May 2019
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
